Plug Power Inc. (PLUG) shares are trading lower today. Today, the European Commission has approved the joint control of HyVia by Renault SA (OTC:RNLSY) and Plug Power France under the European Merger Regulation.
The transaction primarily involves the production and supply of fuel cell light commercial vehicles and hydrogen refueling stations.
The Commission determined that the proposed merger would not pose competition issues, considering the companies' limited market positions resulting from the transaction.
In 2021, Plug Power and Renault signed an agreement to launch a 50-50 joint venture for R&D, manufacturing and sale of fuel cell-powered vehicles and hydrogen turnkey solutions, the companies said in a joint statement.
Last week, the company deployed 13 hydrogen refueling stations across Europe, enhancing its infrastructure for material handling and mobility applications.
The stations support Plug's customers like Amazon and its HYVIA venture with Renault, marking significant progress in hydrogen fuel solution.
According to Benzinga Pro, PLUG stock has lost over 76% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF (NASDAQ:HYDR) and ETF Series Solutions Defiance Next Gen H2 ETF (NYSE:HDRO).
Price Action: PLUG shares are down 1.47% at $3.02 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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